Lame local coin dealer--what are best online/mail order dealers to sell gold coins to?

Discussion in 'Bullion Investing' started by WoodyWW, Jun 29, 2019.

  1. WoodyWW

    WoodyWW Junior Member

    So I go into this small b&m coin & bullion dealer in this medium size town I live in in New England. I didn't expect much, but I'd never been to that dealer. One of the coins I wanted to sell was a $10 gold Indian, in a PCGS "Genuine" slab. Quite decent looking looking coin, I'd say VF or XF maybe. This was 6/28, with gold around $1410. Coinflation had a gold value of $686 for a $10 gold Indian, & had $685 as their buy price.

    So the guy offered me $636. When I questioned the price, he went into this whole spiel about how no-one wants pre 1933 US gold anymore unless it's in higher Unc. grades. Something about how crate-loads of the stuff have been shipped here from Europe, so there's a glut (?!). Huh?

    I told him I had a couple of 1 oz. proof AGE's in those little blue boxes & he said he'd pay 97% of spot for those. (So maybe modern bullion coins really are more readily saleable)?

    I'm wondering which of the online/mail order dealers are the most reliable to sell a couple of my gold coins to? apmex? Or? I just figure now that gold is $1400 might be time to do a little selling. 1914 $10 Indian PCGS Genuine #1.JPG
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  3. ToughCOINS

    ToughCOINS Dealer Member Moderator

    Sadly, he's right . . . Grey Sheet bid is only $655 for straight-graded AU58 coins right now. Your problem coin (presumably cleaned) should bring something less from all dealers.
    Stevearino and Two Dogs like this.
  4. Collecting Nut

    Collecting Nut Borderline Hoarder

    I do believe that dealer is being honest with you. It's graded genuine so it Trade for spot as no grade is assigned.
    Two Dogs likes this.
  5. WoodyWW

    WoodyWW Junior Member

    Yeah, but he wasn't complaining about the Genuine holder--it was all that stuff about pre-1933 gold being a glut on the market right now. I find that hard to believe. Also, does anyone think the coin really looks cleaned?
  6. myownprivy

    myownprivy Well-Known Member

    3% under for proof gold Eagles sounds low.
  7. ToughCOINS

    ToughCOINS Dealer Member Moderator

    I don't know about the "glut" thing, but a lot of gold was brought back stateside from overseas last year, from Europe in particular. A lot of that may have to do with PCGS and NGC introducing European offices a few years ago.
    Kasia and Two Dogs like this.
  8. -jeffB

    -jeffB Greshams LEO Supporter

    I don't know about broader trends in the market, but it did seem like offers to buy at this year's big Raleigh show were a lot further below spot than the offers at last year's show. (This was for pre-33 $10 and $20 coins.)
  9. Nathan401

    Nathan401 Quis custodiet ipsos custodes? Supporter

    Where in New England do you live? I may be able to point you In a better direction.
  10. Zonker

    Zonker Member

    Let us know if APMEX gives you an offer and if so, what the offer is please. I've heard they are turning down some gold - without making an offer.
  11. Two Dogs

    Two Dogs Active Member

    I think you got a fair offer
  12. -jeffB

    -jeffB Greshams LEO Supporter

    Really? Why on Earth would they do that, instead of just lowering their offer? Unless they think it might be fake...
  13. ToughCOINS

    ToughCOINS Dealer Member Moderator

    They might be worried about the very same sort of perception you presently have about the dealer you offered your coin to . . . In some cases it's simply better to decline than to offer what the seller thinks is too little money.
    Stevearino likes this.
  14. Zonker

    Zonker Member

    Not sure - but they said they weren't interested in some gold sovereigns recently. Maybe because they were stabbed by a TPG - not sure. With US gold - maybe they'll at least give you an offer.
  15. Kentucky

    Kentucky Supporter! Supporter

    You can always offer them here on CT
  16. fretboard

    fretboard Defender of Old Coinage!

    To be honest with you, I don't think it's that lame of an offer. :D Looks harshly cleaned. Better luck at your next stop! :D
    Two Dogs likes this.
  17. Dug13

    Dug13 Active Member

    Your dealer might have been referring to the Fairmont Hoard/Collection.
    Here’s an excerpt from Douglas Winters Blog, just posted last month:

    “Starting around May 2018, one of the most amazing hoards of United States gold coins I have ever seen started appearing for sale. Graded by PCGS and marketed by Stack’s Bowers, this massive group—likely containing tens of thousands++ of coins—consists of eagles and double eagles dated as early as 1850 and as late as the 1920s.

    Known as the Fairmont Collection, these coins derive from an overseas bank and they likely have been off the market for 75 to 125+ years.”
    Kasia likes this.
  18. Mr Roots

    Mr Roots Underneath The Bridge

    There’s only one lame thing here and it’s not the dealer.

    ...and who are you to tell a store that they don’t know their own market?

    I buy pre 33 gold at 1.1x1.2x melt if I like the coin...I wouldn’t give you .95x melt for your coin....The only way I would waste my time with that turd is if I knew I could make $75-$100 on a quick flip.
  19. WoodyWW

    WoodyWW Junior Member

    I will. They have this shipping system (for sellers) where they send you a UPS 1st or 2nd day air label & go drop the package off at a UPS store. About $25 for 2nd day air for up to 5 oz. Might not be worth it for the one coin. I have a circ. $20 Lib. I might sell also. Or--I have an MS62 (PCGS) $10 Lib. Or maybe one of the proof gold Eagles. Or maybe they're more worth hanging on to than some of the pre-1933 stuff I have?

    Someone here said they might have a tip for a good dealer in New England? I'm in S. NH, so Boston is about an hour away--but going thru that nightmare (it's like combat driving getting down there) is not worth it.

    Thanks for all the advice people. I guess that dealer wasn't B.S.-ing me after all, & maybe his offer was at least in the ballpark. I paid $150 IIRC for the $10 Indian in the early '70s so maybe getting $636 is pretty darn good. (I submitted it to PCGS some years ago with some other gold coins).

    Thanks again!
  20. Oldhoopster

    Oldhoopster It seemed like a good idea at the time.

    I recall going to a monthly coin show in Nashua or Manchester. I think there was also one near Lowell MA (the third Sunday show). I'm pretty sure some of them are still going on, but the locations may have changed.

    Taking it to a show will allow you to show it to numerous dealers in a short time.
    myownprivy likes this.
  21. myownprivy

    myownprivy Well-Known Member

    Just a guess, but this strikes me as something that a pure bullion buyer would pay more for. If Apmex, JM, and Provident are able to sell even cleaned pre33 US gold for so much over spot, you should be able too.

    Two options:
    I really dislike ebay and never buy or sell bullion there (or really use the site for anything anymore) but if you are able to I think you should be able to do better selling on there.

    Coinshows/craigslist/this website
    Fellow buyers will likely feel comfortable buying it from you knowing it is authentic from the slab and would likely pay at that sweet spot in between the inflated Apmex/JMbullion/Provident price and the low price a dealer would pay you.
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